Monday, June 23, 2014

Money in the Regency: What Did it Cost?

In Proper Conduct, the heroine spends a good deal of time worrying
about money that is not there, particular after her father spends nearly 1,000
pounds on a horse.Not an excessive sum
to someone such as the Prince Regent, whose racing stud farm cost him 30,000
pounds a year.But all these numbers
seemed to need a bit perspective.

Two-penny coins were called tuppence. And there were all
sorts of slang names for coins including a quid (pound), a bob (shilling), a
goldfinch (guinea),

Due to a shortage of copper and silver coins in the late
1700's, firms began to use tokens to pay wages.There was also a growth in payments by foreign coins.

The annual expenses of a great house could run between 5,000
and 6,000 pounds a year including housekeeping, repairs, stables, parklands,
gardens, home farm costs, servants, and taxes.

Mrs. Whitney'sBoarding School for Young Ladies at Buckingham cost twelve guineas a
year, and one guinea extra if tea and sugar were required to be served.

In Bath, one paid two guineas were paid for subscription
balls, five shillings for concert tickets, and ten shillings sixpence for a
subscription to the booksellers.

With an income of four hundred pounds a year, one could
employ two maids, one groom and keep one horse in London.On seven hundred a year, one could have one
manservant, three maids and two horses.For a thousand a year, one could have three female servants, a coachman,
a footman, two carriages and a pair of horses in London.

There were three to four hundred families whose income was
over 10,000 pounds a year, due to vast land holdings.

During the London season, the lease on house in the West End
could cost as much as 1,000 pounds.

Anyone with a debt of twenty pounds or more could be sent to
debtor's prison(However, a member of
Parliament could not be imprisoned while Parliament was sitting.)

The capital to secure an estate was approximately thirty
times the desired income.

The Earl of Egremont saw a rise in income due to land
rentals from 12,976 pounds in 1791 to 34,000 pounds in 1824.

In Somerset (where Proper
Conduct is set) 30 acres for let went for 35 pounds per annum, with the
tenant paying all taxes except land tax.

In 1801, a 100-acre estate in Sussex sold for 3,500 pounds.

In 1804, due to the silver shortage, the Bank of England
issued light-weight token silver coins for one shilling, three shilling and six
pence coins.

From 1811 to 1812, an estimated 250,000 people lived
comfortably on more than seven hundred pounds a year each.A half million shopkeepers made a hundred and
fifty pounds a year each, two million artisans lived on the edge of poverty at
55 pounds per annum, and one and one half million laborers earned only 30
pounds a year each.

In 1813, a cow fetched about 15 pounds at the market, while
a ewe went for 55 to 72 shillings.

In 1816, a new British one pound coin made of gold, the
sovereign, began to be produced.

In 1820, 1,100 years after the first English silver pennies
were minted, the last British silver pennies were minted.

4 comments:

What a fascinating and informative post. I always wonder about money and how much things would have cost during the Regency period. I am so grateful you put it all together. I know I will refer to this post over and over again. Thank you!

Pence does technically refer to a collection of pennies. However, English being what it is, pence in the casual usage can refer to a single penny or several pennies. There was time the English just called them "p" as in: "Do you have five p I can borrow?"

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